Lol.
Such hubris.
I have given multiple examples of how one might offset income. You apparently are looking at it like players are hourly employees getting a w2. They aren't.
A simple schedule c with depreciation schedules is a tax strategy. You take advantage of write offs when they become available.
Putting money in an IRA is a tax strategy. People putting money in a Roth is an example of a tax strategy. A 401k is a tax strategy.
Donating money to charity is a tax strategy. Creating a foundation is even bigger one.
Putting money in a trust is a strategy, to though the typical family trust is what's called a defective trust. Use of a complex trust, not a defective trust, is a tax strategy.
Creating a corporation to offset income generated by paying employees instead of just giving money to family and friends is a tax strategy. Investment in businesses and property is a tax strategy, especially if the start up costs are higher than the income generated. That debt is a write off, while the long term investment is protected.
You are looking at one layer, income earned because it suits your simple minded analysis, and then ignoring everything else potentially related. It's typical of your posts. You ignore what you want because it doesn't suit your myopic viewpoints.
So I don't know what to tell you besides stop being willfully obtuse.
You want specifics for players in buffalo? I can't give them to you because I do not know the state tax code, I do not know the specifics of an athletes contract and terms of employment, nor do I know the specifics of the tax codes in the other states they play. That's why you hire a tax professional. So stop pretending you know what you are talking about, because it's obvious you dont
It’s not “hubris” it’s that you have no clue.
NFL players LITERALLY ARE W2 employees.
Schedule C is a profit or loss statement for a business. Not a tax strategy. In order to depreciate they have to purchase equipment for business use, being an NFL player is not a business. It appears your argument here is they should start a business to buy equipment to depreciate.
So here is his that works. You spend $100,000 TODAY and you depreciate the asset over time. So maybe you deduct $5000 a year. How is that an advantage? Are you so obtuse that you think spending money for no purpose other than to not pay tax on it is good? Wh
“you take advantages of write offs when they become available”. What does that even mean? Name an example of a write off? Please after saying this 100 times acknowledge that to “write something off” you have to soend the money. Your entire approach is that spending money to save less than half of it in tax is somehow an advantage.
Everyone can contribute to retirement accounts. Every nfl player makes too much to deduct the 7000 they can put into an IRA.
Giving money to a charity Is not a tax strategy. Giving away 100k to save 50k on taxes puts you 50k in the hole. Creating a foundation does absolutely nothing for your personal tax liability. Nothing at all.
Creating a company that loses money surely reduces your tax bill. But why would anyone purposely lose money to save half of it in taxes.
If you open a business and it loses 100,000 that 100,000 cash out of you pocket. Are you seriously telling me that’s a smart move? Give away 100,000 to not pay tax on it? You should go to your boss today and tell him ti cut your pay 20,000 so you can pay less taxes. Then you have the “tax advantage” you think these hair brained ideas create.
I am not ignoring anything. I am saying that there are not ways for players to SENSIBLY reduce the tax they pay on their nfl pay with tax manipulations beyond what every normal person does. I asked you for examples. You gave 2 categories.
1) what every normal person does
2) stupid ideas to lose or give away money with a goal of reducing your taxes by about half the amount you gave lose. Essentially the equivalent of asking for a pay cut.
You last paragraph finally hits the nail in the head. YOU DO NOT KNOW. You have known this all along but are incapable of admitting that. You have heard somewhere “rich people get write offs”. You cannot name any ti back it up. You file a tax return every year under the exact same rules as every other American. Yet you cling to this belief that there is some mysterious thing “rich people” can do.
That’s not the case. There are specific items that are deductible. It’s the sand for everyone. The fact that you have resorted to the idea that “tax planning” involves scheming to lose money so that you give away part of your income voluntarily in order to reduce the tax you pay on it proves you are just dumb.
The point of reducing your taxes would be to have more money left at the end. You have wasted everyone’s time asserting that smart financial planning is to loses money so you can not pay tax on it. If you got a 10,000 raise tomorrow, your logic says you should turn it down so you sing have to pay tax on it.
So we are down to every idea you have given are either what everyone typically does, or something stupid that no one would do. Bravo for wasting so much of your time before finally writing that last paragraph and admitting you do not know what you are taking about.
